Samjong KPMG auditing books of Korea’s two chip majors Samsung Elec and SK hynix

Samjong KPMG, one of four accounting majors in Korea, would be auditing financial statements for the world’s two memory majors Samsung Electronics and SK hynix as it lately added the country’s top company to its expansive list of corporate clients.

According to industry sources on Monday, Samjong KPMG received an official notice from Samsung Electronics as a new external auditor for fiscal year 2023. This is the first time for the accounting firm to audit the world’s largest memory chip maker since its launch.

Samjong KPMG demonstrated its business skills this year by winning orders from the country’s top two semiconductor firms and other big clients under the auditor designation system. Under the rule introduced in 2017 to ensure independent and fair accounting practices, major businesses are obliged to receive audits from external auditors as designated by financial authorities for three years after they stay with the same accounting firm for six years.

Samsung Electronics, which has been audited by Deloitte Anjin for three years, conducted an open competition to appoint a new auditor for fiscal year 2023. Prior to Deloitte Anjin, Samil PricewaterhouseCoopers (PwC) had long been hired by Samsung Electronics.

Samjong also brought the accounts of SK hynix, Shinhan Financial Group and Mirae Asset Securities back from Samil PwC after losing them for three years.

Some 220 major businesses in Korea are due to designate new external auditors by the end of this year or February of next year.

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